American Bankers Mutual Insurance Ltd. -- the reinsurer for ABA’s endorsed insurance program -- will distribute $1.1 million to be shared by qualified member banks insured through ABA Insurance Services, Inc., the association announced today.
This is the 26th consecutive year that the insurance provider has announced a distribution, and brings the total amount the program has distributed since its inception to $81.2 million. Banks that purchase their directors and officers, bond and related insurance from this program and are current ABA members will receive distributions.
“Designed and directed by bankers, this one-of-a-kind program continues to provide innovative insurance policies to address today’s complex risk management environment,” said Rob Nichols, ABA’s incoming president and CEO. “We are pleased to offer banks this stable and reliable sources of insurance and proud to offer distributions back to the ABA members.”